Fast Five director Justin Lin has signed a joint venture with Bruno Wu’s Seven Stars Film Studios to form Perfect Storm Entertainment. Troy Craig Poon, who worked with Lin on his early film Better Luck Tomorrow, will serve as president of the new company.

PHOTOS: 2011's Biggest Rule Breakers Kim Kardashian, Netflix's Reed Hastings, Chuck Lorre and Ashton Kutcher: THR Year In Review

The announcement comes within weeks of the launch of the $800 million Harvest Seven Stars Media Private Equity Ltd, which is looking to invest in mergers and acquisitions and content. The fund will also develop a marketing and distribution platform, which will handle the release of Perfect Storm films.

"Perfect Storm Entertainment is an exciting new project for me and we are excited to seize upon creative opportunities to collaborate and produce films for audiences across all markets," said Lin. "The partnership with Seven Stars Film Studios and the Harvest Seven Stars Media distribution platform provides us with an amazing opportunity to consistently develop and create dynamic content.”

Perfect Storm will focus on developing, producing and financing an annual slate of 2-3 films, with special attention given to projects that lend themselves to Chinese co-productions. (Lin’s production company Barnstorm has a first-look deal at Universal.)

VIDEO: Behind the Scenes of THR's 'Rule Breakers 2011' Cover Shoot

"We are extremely pleased to be in business with Justin Lin," said Wu. "He is one of the most successful filmmakers of his generation and this collaboration illustrates our joint vision for investment in Asian filmed entertainment, which has international reach and synergy with our stakeholders.”

Seven Stars promises several more high-profile deals with filmmakers in the coming weeks.

Source:entgroup